CARES Act

From the delayed stat to a rush of new legislation and an overloaded IRS, a host of issues are combining to make tax filing even more difficult than usual.

The Internal Revenue Service is clarifying its guidance on provisions of the coronavirus relief legislation providing tax credits to employers offering paid sick leave and family leave to workers.

As a fresh round of federal relief loans is getting distributed to U.S. small firms hit by a pandemic crisis that will soon stretch to a year, new research shows that last year’s tranches of the Paycheck Protection Program covered less than a month of business expenses.

The U.S. Small Business Administration is pledging to improve the loan review process, even as it pursues a record number of fraud complaints.

The software vendor has updated its free website with interactive tools to help small business owners and the self-employed assess their eligibility for federal relief and related tax credits.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

As the time comes for businesses to apply for PPP loan forgiveness, CPAs can provide vital assistance to ensure success for their clients.

With only a few days to go before the end of a difficult year, some accountants and tax professionals are still hoping to finish up some perplexing issues for their clients before New Year’s Day.

This collection brings together the best advice from a host of experts for tax pros to share with their clients before the end of the year.

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.

Greg Engel is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration.

Lawmakers are seeking to address some of the PPP’s more obvious failings in the latest coronavirus bill.

What Congress, clients and others did this year, and how it will impact next year.

The twin dynamics of expiring relief and a transition to a new presidential administration are making the end of 2020 a turbo-charged version of the usual rush to lock in tax reductions.

The American Institute of CPAs has joined with over 560 business and trade organizations in urging Congress to pass legislation.

The service also estimates that more than 90 percent of individual returns were efiled this year.

Economic experts believe the current surge is not enough to stop continued losses incurred by various segments of economy.

The Treasury secretary will put the unspent CARES Act funding into an account that his presumed successor will soon need authorization from Congress to use.

With a CARES Act fix stalled along with stimulus legislation, the institute is urging CPAs to put pressure on their representatives.